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BB Seguridade sells unit to Mapfre, may free up capital

SAO PAULO, June 26 (Reuters) - Brazilian insurance company BB Seguridade SA said its board has approved a new agreement with Spain's Mapfre SA that may free up 1.8 billion reais ($478.2 million) worth of capital.

Under the terms of the agreement, BB Seguridade will sell its property and vehicle insurance unit, known as SH2, to Mapfre. ($1 = 3.7640 reais) (Reporting by Aluisio Alves; Writing by Carolina Mandl)